US Reinforces Financial Ties in Pacific to Counter China's Influence

A senior U.S. Treasury official announced efforts to enhance financial connectivity, investment, and integration in the Pacific region. Financial institutions and government officials met in Brisbane to tackle banking challenges in Pacific Island countries. The U.S. aims to curb China's influence through increased support and engagement in the region.

The United States is reinforcing its financial ties and integration efforts in the Pacific region, as announced by a senior U.S. Treasury official at a meeting in Brisbane. The gathering included financial institutions and government officials focused on improving regional banking facilities.

The U.S. considers the Pacific strategically crucial and is stepping up engagement to counter China's growing influence. Treasury Undersecretary Brian Nelson emphasized the commitment to the region's financial connectivity, investment, and integration, addressing concerns over the decline of long-term banking relationships.

Data reveals that the region's correspondent banking relationships have dwindled at twice the global rate over the past decade. Efforts by the World Bank and Asia Development Bank aim to reverse this trend. U.S. Treasury Secretary Jane Yellen highlighted the strategic importance of a strong and connected Pacific for both the U.S. and the global economy.

(With inputs from agencies.)